Financial Daily from THE HINDU group of publications
Tuesday, Sep 27, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 27, 2005 |
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Corporate
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Announcements Gujarat NRE Coke's Australian mine starts production Our Bureau
Ahmedabad , Sept 26 GUJARAT NRE Coke Ltd has announced that its first Australian mine has begun commercial operations and will dispatch the first consignment of coking coal to India in November. The colliery, being operated by a fully owned subsidiary of Gujarat NRE Coke, will initially start with a production of one million tonnes per annum (MTPA), which will be scaled up to two MTPA by next year. "The mine was opened last Friday. We have already invested A$25 million (Rs 85 crore) in the project and propose to invest another $50 million (Rs 160 crore) in the next couple of years," said the Chairman, Mr Arun Kumar Jagatramka, on Monday. The mine, Bellambi West Colliery at Russell Vale near Wollongong, is located in New South Wales region of Australia and is the oldest operational mine in Australia. After acquisition, it has been renamed NRE No. 1 Colliery. Coal will be imported from the Australian mine and washed in India before being processed into coke. The company is already importing about 0.7 MTPA coal from international suppliers and Gujarat NRE would continue sourcing coal externally, Mr Jagatramka said. "We plan to ramp up our coke production to touch 1.4 MTPA by next year. It takes about 1.4 MT coal to produce one MT coke. We hope to increase our capacity by September next year." The company has purchased another colliery at Avondale in Australia and taken five per cent equity stake in Zinico Resources NL, with preferential off-take right on five MT coal over the next 10 years, Mr Jagatramka said. Meanwhile, the company's 300 tonnes per annum steel plant at Bhachau in Kutch district of Gujarat is expected to become operational by November and the company may consider backward integration in due course.
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